Freewest Obtains Regulatory Approval for $4.1 Million Private Placement to Cliffs Natural Resources Inc.
25 Novembre 2009 - 11:11PM
Marketwired
Freewest Resources Canada Inc. (TSX VENTURE: FWR) announces that it
has obtained approval from the TSX Venture Exchange for its
previously-announced private placement to Cliffs Natural Resources
Inc. (NYSE: CLF)(PARIS: CLF). Freewest will issue 6,908,440 common
shares to Cliffs at a price of $0.60 per share, for proceeds to
Freewest of $4,145,064.
The private placement is scheduled to close on Monday, November
30. The approval from the TSX Venture Exchange is subject to
standard conditions.
The proceeds from the private placement will be used by Freewest
for working capital purposes and for continuing work on Freewest's
100%-owned McFaulds property. Following the private placement,
Cliffs will indirectly hold 21,658,440 Freewest shares,
representing approximately 9.73% of the 222,533,479 shares that
will be issued and outstanding.
Freewest's Board of Directors reminds shareholders that the
Board continues to recommend that shareholders REJECT the hostile
take-over bid made by Noront Resources Ltd. on October 13, 2009 and
NOT tender their shares to the Noront offer, which will expire on
December 1, 2009. The Board of Directors unanimously supports the
proposed plan of arrangement with Cliffs Natural Resources Inc.,
announced by Freewest on November 23. A special meeting of Freewest
shareholders to vote on the proposed transaction with Cliffs is
expected to be held in January 2010.
About Freewest
Freewest is a mineral exploration company actively exploring for
gold, base-metals and chromite within eastern Canada. Corporate
information can be accessed on the Internet at www.freewest.com.
Freewest's shares are listed on Tier 1 of the TSX Venture Exchange
under the symbol FWR.
Georgeson Inc. is acting as Freewest's solicitation agent in
connection with the transaction with Cliffs Natural Resources Inc.
Georgeson may be contacted as follows:
Georgeson Inc.
100 University Avenue
11th Floor, South Tower
Toronto, Ontario
M5J 2Y1
North American Toll Free Number: 1-866-433-7579
Banks and Brokers Collect Number: 1-212-806-6859
Forward-Looking Statements
This news release contains statements that constitute
"forward-looking information" or "forward-looking statements"
within the meaning of applicable securities legislation. More
particularly, this news release contains forward-looking
information concerning a Plan of Arrangement involving Freewest
Resources Canada Inc. ("Freewest") and Cliffs Natural Resources
Inc. This forward-looking information is subject to numerous risks
and uncertainties, certain of which are beyond the control of
Freewest. Actual results or achievements may differ materially from
those expressed in, or implied by, this forward-looking
information. No assurance can be given that any events anticipated
by the forward-looking information will transpire or occur, or if
any of them do so, what benefits that Freewest will derive
therefrom. In particular, no assurance can be given as to whether
the plan of arrangement with Cliffs Natural Resources Inc. will be
completed. Forward-looking information is based on the estimates
and opinions of Freewest's management at the time the information
is released and Freewest does not undertake any obligation to
update publicly or to revise any of the forward-looking statements,
whether as a result of new information, future events or otherwise,
except as may be required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Freewest Resources Canada Inc. Mackenzie I. Watson
President and CEO (514) 878-3551 or 1-888-878-3551 (514) 878-4427
(FAX) info@freewest.com www.freewest.com AGORACOM Investor
Relations FWR@Agoracom.com http://agoracom.com/ir/freewest
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